Goldman Sachs expects Brent prices to rally in 2021, bolstered by a tighter oil market and as an economic recovery from the coronavirus-induced slump gathers pace, helped by a possible vaccine

OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end

Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way

Mexico’s Petroleos Mexicanos (Pemex) reduced losses during the second quarter even as crude prices fell during the coronavirus pandemic, the national oil company said

US crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said, as a sharp outbreak in coronavirus cases hit US consumption

US crude oil stockpiles rose last week even as refineries hiked output, while gasoline inventories decreased and distillate inventories rose, the Energy Information Administration said

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies